BTCUSD broken support levels, completing a complex retracement
Overall not a great picture at present for bitcoin. We are seeing a retracement from the December 16th high of 19187.78
NOTE: I have started measuring trendlines, fib levels, highs, lows, etc from close prices rather than the high or low. Crypto has been such a volatile market, and there are often price discrepancies between exchanges, so I feel that the daily close is a more accurate reflection of price than some extreme price that may have only been thinly traded on the exchange I happen to be looking at (in this case Coinbase).
Today we see the 20 SMA crossing below the 50 SMA for the first time since 22/09/2017.
Taking the fibonacci levels, and trendline back to the beginning of the bull run that lasted from 15/09/2017 - 16/12/2017 we can see that we are (for now) holding above the 50% level at 11250.
I am not usually a fan of Elliott Wave, but in an attempt to estimate where this correction might take us to, I have drawn a 3 wave correction (with equivalent A & C lines), this brings us back to our trendline, and the 100 SMA, and the bulls may yet defend the 50 fib level.
If 11250 is broken then the next support targets will be 61.8% fib level at 9354, and then the 76.4% fib level at 7009.
NOTE: I have started measuring trendlines, fib levels, highs, lows, etc from close prices rather than the high or low. Crypto has been such a volatile market, and there are often price discrepancies between exchanges, so I feel that the daily close is a more accurate reflection of price than some extreme price that may have only been thinly traded on the exchange I happen to be looking at (in this case Coinbase).
Today we see the 20 SMA crossing below the 50 SMA for the first time since 22/09/2017.
Taking the fibonacci levels, and trendline back to the beginning of the bull run that lasted from 15/09/2017 - 16/12/2017 we can see that we are (for now) holding above the 50% level at 11250.
I am not usually a fan of Elliott Wave, but in an attempt to estimate where this correction might take us to, I have drawn a 3 wave correction (with equivalent A & C lines), this brings us back to our trendline, and the 100 SMA, and the bulls may yet defend the 50 fib level.
If 11250 is broken then the next support targets will be 61.8% fib level at 9354, and then the 76.4% fib level at 7009.
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